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Lecture 2

The document discusses marketing and provides definitions and key features. Marketing involves all activities from production to consumption to satisfy customer needs and wants. It is defined as communicating the value of a product to customers for the purpose of selling. Key features include satisfying needs, adding customer value, creating market offerings, and facilitating exchange. The marketing process involves analyzing opportunities, selecting target markets, developing a marketing mix, and managing marketing efforts with the customer at the center.

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Mazhar Jam
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42 views

Lecture 2

The document discusses marketing and provides definitions and key features. Marketing involves all activities from production to consumption to satisfy customer needs and wants. It is defined as communicating the value of a product to customers for the purpose of selling. Key features include satisfying needs, adding customer value, creating market offerings, and facilitating exchange. The marketing process involves analyzing opportunities, selecting target markets, developing a marketing mix, and managing marketing efforts with the customer at the center.

Uploaded by

Mazhar Jam
Copyright
© © All Rights Reserved
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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Zarmeena Anum

What is Marketing?
Marketing is a very wide term. It
includes all the activities involved right
from the production of the goods, until
their consumption. Every activity in
between, like designing, pricing,
promotion, distribution,
transportation, warehousing etc are
activities of marketing.
Definition
 Marketing is the process of communicating the
value of a product to customers, for the purpose of
selling that product (goods or services).

 Another simple definition of "marketing" is


"managing profitable customer relationships"
Important Features of Marketing
Satisfy Needs and Wants
Customer Value
Creating a Market Offering
Exchange Mechanism
Satisfy Needs and Wants

The main focus of all marketing activities is consumer

satisfaction. When a group of individuals (potential

customers) express their needs, the companies strive

to satisfy these needs via marketing activities.


Customer Value
The customers buying decisions will be greatly dependant

on the price of the product. It must satisfy their needs at

the cost that they think is fair. So the sellers must add value

to the product and price it accordingly, so the customer is

willing and gets value for his price,


Creating a Market Offering
Then the companies must dedicate their efforts to

create an ideal market offering based on their study of

potential customers. This product/service offered

must try to fulfill all of the requirements of the

potential customer in a given market.


Exchange Mechanism
Marketing is not a one-way process. The seller must

satisfy the needs of the buyer. And the buyer in an

exchange must provide consideration for the

goods/services, which can be money or something

else. It must be an exchange mechanism


The Marketing Process Definition

The marketing process to analyze


market opportunities, selecting target markets,
developing marketing mix, and finally
managing the marketing effort. As one can see that the
targeted customers stand at the center
of the marketing process.
The Marketing Process Steps

Following are the steps of marketing process

1. Analysis of the opportunities in the market.


2. Selection of the target market.
3. Development of marketing mix.
4. Management of marketing efforts.
Analysis of the Opportunities in the Market

The first component of the Marketing Process is to analyze the market in


order to find the opportunities that should be availed. These
opportunities are related to the needs and wants of the customers that
are not properly satisfied by the competitors in the market. A company
that is initiating the marketing process focuses the opportunities that
would be beneficial in the long run success so that its performance
would be effectively improved. For this purpose, the company gets help
from the (MIS), which plays a significant role in providing useful
information about the market.
Selection of the Target Market
 This is the most important step of the marketing
process in which the target customers are selected. For
this purpose, the company conducts a careful analysis
of the target markets in order to choose the final
customers.
Development of Marketing Mix
 After setting of a complete marketing strategy of a
company, then it is ready to initiate the planning of its
marketing mix.
 01- Product: means any offering (goods or services) to the
market by the company.
 02- Price: means the money paid by the customers to
obtain the product.
 03- Place: means the efforts which ensure the availability
of the product in the market to customers.
 04- Promotion: means all the efforts by the company that
ensure the sale of products to customers through better
provision of information about the advantages of the
product.
Management of Marketing Efforts

This is actually the action phase of the development

marketing program in which a suitable marketing

mix is set for a target market.

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